The project will be located in Moti Nagar area where DLF had bought two separate land parcels from DCM Shriram Consolidated and Lohia Group in 2007
Singapore sovereign wealth fund GIC and realty developer DLF has come up to work on a high rise residential project totally covering the area of 7 million sq ft near central Delhi. They have basically come up to encourage their business growth and engagement.
DLF Developer is the known name in Delhi as it has come up with a number of astonishing projects and till date has given renowned living. Well the already present DLF Property Motinagar has fetched immense attention. They always try to give the housing as per the needs of today’s generation and now with GIC they have planned something at height.
The project will be caught in Delhi's finest location and the hub of easiness, Moti Nagar area. Here DLF has brought two separate land parcels from DCM Shriram Consolidated and Lohia Group in 2007. Developer too has to pay Rupees 1,582 crore for the 38-acre property known as Swatantra Bharat Mills and DCM Silk Mills. DLF Builder has already prepared an amazing DLF Property in Central Delhi in Moti Nagar divided into three phases and named as Capital Greens with a commercial tower too.
Under the recently rejuvenated business model, it will be the DLF's first residential project in which they will sell ready to move in homes. DLF and GIC (Singapore sovereign wealth fund) had earlier agreed to set up two joint ventures for constructing residential and commercial projects on these plots, and GIC was expected to invest Rupees 1,990 crore between these two ventures.
As it is declared by a senior finance executive at DLF that the project is under approval. The project will be designed in phases and the first lot of apartments will get completed in coming 3 -4 years.
This will be a major shift in business strategy, as from now the company will sell only ready to move in apartments. This will be a big step as at least there will be no delay and something good will happen in real estate. DLF in their presentation has said that their earning will be announced for the quarter at the end. Promoters of DLF have sold their 33.34% stake in its rental arm DLF Cyber City Developers Ltd (DCCDL) to GIC for Rupees 8,956 crore. DLF Project has gained immense attention and will be doing same in the coming years.
Basically, this joint venture was taken to firm the business trust a private Real Estate Investment Trust (REIT). Under the agreement, DLF can sell the commercial projects fetching the commercial assets for this entity. It can also sell land parcels allocated for commercial development in the near future to this joint venture. DLF is in the process to complete the aim to talk with GIC for identified certain assets in the year 2018- 2019.